China’s central bank reduced its benchmark lending rates on Thursday, amid fears about slowing economic growth.

The five-year rate is included for the first time in April 2020.

Reuters reported that The People’s Bank of China slashed its one-year loan interest rate by 10 basis point from 3.8% to 3.7%. From 4.65% to 4.6%, the five-year prime rate on loans was cut by 5 basis points.

The country’s loan prime rates have an impact on the rates of lending for household and corporate loans.

The LPR is the most common for new loans and existing loans to China. However, the LPR five year rate has an impact on home mortgage pricing, as per the news agency.

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